Bitcoin and Gambling

2019-05-17

Bitcoin and gambling is the latest love story in the ever-changing online gaming industry. Now a major digital industry with revenue hitting billions, online gaming is a pretty lucrative business everyone wants to get their hands on. The industry is evolving in unprecedented ways every day, whether it’s the games themselves or accepting new and innovative payment methods. As e-wallets have replaced debit and credit cards for the most part, cryptocurrencies are the next logical step.

What is Bitcoin?

There’s no chance you haven’t heard about Bitcoin unless you’ve been living under a rock. The most popular cryptocurrency started the whole trend, with the crypto scene dancing to its tune. Launched around 2009, Bitcoin and its operating platform blockchain were invented and released to the public by the mysterious figure Satoshi Nakamoto. It’s still not clear who this person or group is, with many speculating on Nakamoto’s identity.

The blockchain is a vital part of Bitcoin’s platform. It’s essentially a ledger which records each transaction between two or more Bitcoin parties. With it, all the parties involved can see specific transaction data such as sender and receiver as well as the number of Bitcoins involved. In this way, the blockchain fights fraud.

For years, financial experts have been claiming Bitcoin is a bubble that will blow soon, but that has yet to happen. Sure, there have been many bumps in the way, but Bitcoin is still riding high with no clue of it stopping anytime soon.

Although not all countries have accepted it, Bitcoin is used in different industries. The list includes the online gaming industry. The number of casinos accepting Bitcoin is on the rise thanks to the flexibility and safety the cryptocurrency offers.

Bitcoin and Gambling

Bitcoin is used to pay for different kinds of online merchandise and services. Online gambling is one of the industries that use it, even though it joined the crypto party only recently. Gambling with Bitcoin means no payment delays and no fees at all. Of course, it’s all legal and completely anonymous thanks to the blockchain.

Most online casinos allow depositing and withdrawing with Bitcoin. You can use it to play poker, blackjack, slots, baccarat, roulette, and all other casino games without fearing of your financial details getting stolen.

To use Bitcoin in online casinos, all you need to do is visit the Cashier (or Banking) page and select it from the deposit or withdrawal dropdown menu. Unlike credit/debit cards or e-wallets, you won’t need to enter personal information, making the payment method much more secure than anything else. Due to these advantages, there’s a growing number of Bitcoin casinos launching. It’s a brave new era when it comes to payments, and the online casino industry chose to embrace it.

The “love” between Bitcoin and gambling isn’t likely to end soon. With new countries choosing to accept it and many businesses rushing towards it, Bitcoin is here to stay for the foreseeable future.